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HAWAII
First homes in Big Isle project all reserved

A&B Properties and Brookfield Homes Hawaii said yesterday that all the homes in the first phase of their KaMilo at Mauna Lani Resort on the Big Island have been reserved.

The 15 homes will be situated near the 9th and 11th holes of the Mauna Lani North Golf Course. Sales of the homes began on Sept. 10.

The companies plan to develop 137 single and multifamily homes adjacent to the Mauna Lani North Golf Course. Construction is scheduled to begin this month.

NATION
Sears to cut some retiree benefits

HOFFMAN ESTATES, Ill. » Sears Holdings Corp., the largest U.S. department-store chain, will cut medical coverage to retirees under 65 to counter rising health-care costs.

About 6,750 retirees, or 15 percent of those enrolled in the company's retirement program, will pay the full cost of premiums starting on Jan. 1, spokesman Chris Brathwaite said. Benefits will be restored for these former workers when they turn 65 provided they retired before Jan. 1, 2000.

In April, Sears said it would end pension contributions and tuition reimbursements for most employees to align its policies with competitors such as Wal-Mart and Home Depot Inc.

Goodyear Tire to close some plants

NEW YORK » Goodyear Tire & Rubber Co. said yesterday it will close an undisclosed number of plants as part of a sweeping restructuring aimed at improving its North American tire business and saving up to $1 billion over the next three years.

The Akron, Ohio-based company, the world's largest tire maker, said it plans to cut high-cost capacity between 8 percent and 12 percent, generating annual savings of $100 million to $150 million.

The company said it would record restructuring charges of between $150 million and $250 million over the next three years. The company said it is targeting total cost cuts between $750 million and $1 billion by 2008.

Seven-Eleven Japan may raise offer

Seven-Eleven Japan Co. said it will consider whether to continue with or to raise its $32.50-a-share offer for the stake of 7-Eleven Inc. that it doesn't always own after the proposal was rejected.

The offer expires on Oct. 18, Seven-Eleven Japan said. The company is reviewing the decision and will decide the next steps, which could include "withdrawing the offer entirely."

7-Eleven rejected the bid yesterday saying it was inadequate. Seven & I Holdings Inc., owner of Seven-Eleven Japan, on Sept. 1 offered $1 billion to take 7-Eleven private, saying the investment needed for store renovations might slow growth and pose risks for minority shareholders. The parent company already holds a 73 percent stake in 7-Eleven.

Blimpie accused of mismanagement

NEW HAVEN, Conn. » Forty-five companies that sell Blimpie franchises have sued the nation's No. 3 sandwich chain, accusing it of withholding royalty fees and misappropriating advertising money.

The lawsuit, filed this month in Bridgeport federal court, asks for a court-ordered accounting of Blimpie's books and claims that some of the company's financial figures are "pure fiction."

The companies that filed the lawsuit signed agreements with Blimpie to sell and oversee franchises within particular regions. Called subfranchisors, they receive half of the royalty fees their stores pay to corporate headquarters.

This summer, however, Blimpie allegedly began withholding money.